Financial Aid Policies Procedures

7/31/2019 Financial Aid Policies Procedures

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Financial AidPrograms and Procedures

2012-2013


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Financial Aid Programs

SCHOLARSHIPS AND UNIVERSITY AIDScholarships are generally awarded by Hofstra University and otherorganizations based on academic merit, financial need, and creativeand athletic talent. When you apply for admission, your academiccredentials are automatically evaluated to determine your scholarshipeligibility. The Free Application for Federal Student Aid (FAFSA) is

required to evaluate University need-based grant eligibility. If yourFAFSA is selected for verification, the grant will not be finalizeduntil verification is complete. Verification should be completedwithin two weeks of notification or as close to April 1 as possible.All or a portion of your award may be underwritten by endowmentfunds given by generous friends of the University. If this is the case,you will be notified. As you continue through your program of studyat the University, you may apply for one of the Universitys endowedscholarships, which are awarded based on academic excellence andthe donors criteria. Please refer to the Hofstra UniversityUndergraduateBulletin (bulletin.hofstra.edu) for the scholarshipselection and renewal conditions for each award. If you receive ascholarship from a community group, business or other organization,

please forward a copy of the award notice to the Office of the Bursar/Student Accounts. These awards must be counted as part of yourfinancial aid package, so it is very important that you keep usinformed of all your awards. Please have the scholarship organizationmail the award check to: Office of the Bursar/Student Accounts,205 Memorial Hall, 126 Hofstra University, Hempstead,New York 11549-1260.

The award check, made payable to Hofstra University, shouldinclude the students full name and Hofstra University studentidentification number or Social Security number; any specialinstructions for disbursement on a letter or form must accompany thecheck. Please indicate the donors name on the check.

All outside scholarships supplement the Hofstra University

scholarship or grant you may be awarded as long as all sources donot exceed the total cost of a Hofstra education (as listed in ourbreakdown of college costs). Your total gift aid from all sources maynot exceed Hofstras total cost of attendance. If this amountis reached with the inclusion of scholarships from outsideorganizations, we will begin to reduce federally regulated portions ofyour aid award (PLUS Loans, Federal Perkins Loans, Stafford Loans,TEACH Grant, SEOG, and Federal Work-Study) dollar for dollar.Athletic grants-in-aid, tuition subsidies based on parents employment(tuition grant, tuition remission, tuition exchange) and other tuition-only specified awards are considered to be exceptions to our outsidescholarship policy, as we will reduce your Hofstra scholarship awarddollar for dollar if you receive any of these awards and we did not list

them on your original award letter.

GRANTSPell Grant is a federal grant that does not have to be repaid.It is awarded based on the EFC (Expected Family Contribution)

calculated by the federal processor. Grants may be made tostudents enrolling for a minimum of one class if they meet theeligibility criteria.

Federal Supplemental Educational Opportunity Grant (FSEOG)is a federal grant allocated to the University on an annual basis, andawarded by the University based on exceptional need to Pellrecipients only.

Teacher Education Assistance for College and Higher Educa

(TEACH) Grant provides grants of up to $4,000 per year to studwho intend to serve as full-time teachers in a high-need field public or private elementary or secondary school that serves income students for at least four academic years within ecalendar years of completing the program of study for whichstudent received a TEACH Grant. If the student fails to completeservice obligation, the TEACH Grant will be converted to a FedDirect Unsubsidized Stafford Loan. This loan must then be repathe U.S. Department of Education, and interest will be charged fthe date the grant or grants were disbursed. In order to be eligibl

a TEACH Grant, a student must also file a FAFSA and be a citizen or eligible non-citizen. Hofstra students must be acceptethe School of Education, Health and Human Services in order teligible. This typically occurs in the students junior year of stu

Tuition Assistance Program (TAP) is a New York state gawarded to students whose New York state net taxable incis less than $80,000 (dependent student) or $10,000 (siindependent student). Award amounts are established and madthe New York Higher Education Services Corporation (HESC). is a grant and does not have to be repaid. Income received from sfederal or local government pensions must be included wreporting income for state aid.

LOANSFederal Perkins Loans are low fixed interest (5.0%) rate loffered to a limited number of students demonstrating exceptifinancial need. If a student is eligible, this loan will appear onstudents award notif ication letter.

Federal Stafford Loans are low fixed interest rate loans madstudents. Students are eligible for the following levels of awards

PLUS Loans are fixed interest rate loans that may be available toparents of dependent undergraduate students to help with educatiexpenses. Parents may borrow up to an amount equal to the cosattendance minus any other aid received.

Federal Stafford and PLUS Loansmust be certified prior toend of the students enrollment period.

Please note that Hofstra University is required to submit loan informatithe National Student Loan Data System (NSLDS), and that informatiaccessible by guaranty agencies, lenders and institutions determined tauthorized users of the data system.

ALTERNATIVE STUDENT LOANSAlternative student loans are offered by private lenders to studand parents for college costs. For help deciding if a PLUSalternative loan is right for you, please see the comparison charthe next page. For a list of alternative student loan lenders, plvisit www.finaid.org/loans/privatestudentloans.phtml.

Links are provided as a general information resource for the use of visto the website. The links provided are maintained by their respeorganizations, and they are solely responsible for their content. Hodoes not favor one link over the other, nor does Hofstra endorse or profwhole or in part, from any products or services offered or promoted by

of the websites whose links appear.

Dependent

Independent

Dependent

Independent

Dependent

Independent

$3,500

$3,500

$4,500

$4,500

$5,500

$5,500

$2,000

$6,000

$2,000

$6,000

$2,000

$7,000

$4,000

Not Applicab

$4,000

Not Applicab

$5,000

Not Applicab

Base Eligibility AdditionalUnsubsidized

Second AdditioUnsubsidized

(if denied Parent PL

First

Second

Third andbeyond

Year in College


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Federal PLUS Loans vs. Alternative Student LoanWhat Is a Federal PLUS Loan?Federal PLUS Loans are for parents of undergraduate students. The Federal PLUS Loan is not asset-based; approval is based oncreditworthiness. Qualified applicants may borrow up to the total cost of educational expenses minus total financial aid received.

What Is an Alternative Student Loan?Alternative student loans are private loans offered by lenders specifically targeted to satisfy educational costs greater than the totalfinancial aid received. Most lenders require students with limited credit history to have a co-signer. The most common reasons somefamilies apply for alternative student loans instead of PLUS loans are:

A) The parents may not be able to satisfy the credit requirements, but someone else agrees to co-sign thealternative student loan.

B) Some alternative student loans require the student to enroll in as few as 3 credits per semester, whereasPLUS Loans require at least half-time enrollment (6 undergraduate credits at Hofstra).

C) Families agree that the student, rather than the parents, should be the borrower.D) Some alternative loans can be borrowed retroactively to cover outstanding bills.

Please visit hofstra.edu/FAupdates for the most current financial aid information.

Parent of undergraduate student

An endorser for the parent may be used if the parent isunable to satisfy the credit requirements

Yes

Fixed 7.9%; subject to congressional approval

Accrued interest capitalizes once at final repayment

10-year repayment term may mean higher monthly paymentsbut lower finance charges

Credit check based on federal standards; no debt-to-income ratioor credit scoring

Up to the cost of education less total financial aid received

Repayment begins 60 days after the loan is fully disbursed, but canbe deferred up to four years; contact your lender for details

Income-sensitive, graduated and extended repayment optionsare available

Wider deferment and forbearance options are available

Federally insured against death and disability for both parentand student

None

Federal Consolidation Loan Program available

Student

Usually required due to lack of student incomecredit; the co-signer does not have to be a par

No

Variable rate, many higher than PLUS Loans;

usually no cap

Accrued interest may be capitalized monthlyquarterly or once at repayment

Longer repayment term may mean lower mopayments but higher finance charges

Based on students (or co-signers) credithistory and debt-to-income ratio

Depends on program: either up to cost ofeducation less total financial aid received oraggregate limits

Varies by program; usually deferred until six (6

months after leaving school

Varies by program

Varies by program; limited deferment andforbearance options

Not federally insured and offers no dischargein the event of death or disability

Usually none

Cannot be consolidated with other federal loprograms

Loan Borrower

Co-signer

FAFSA Required

nterest Rate

and Rate Caps

Accrued Interest

Loan Paymentand Terms

Approval Criteria

Borrowing Limits

Repayment

Payment Flexibility

Payment DefermentSituations

Payment Insurance

Prepayment Penalty

Consolidation

Private Alternative Student LoanFederal PLUS LoanCommonoan Terms

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FEDERAL WORK-STUDYFederal Work-Study employment is offered to Hofstra students on the basisof financial need. The dollar amount indicated on your award notification isthe maximum amount you are eligible to earn during the school year it isnot a guarantee. Your total earnings will depend on the number of hours youwork. The student is paid directly in the form of a pay check, semimonthly,as hours are worked. Complete information about Federal Work-Studyemployment is available at hofstra.edu/studentemployment.

OTHER STUDENT EMPLOYMENTOPPORTUNITIESStudent employment opportunities are available on camFor information, contact the Office of Student Employmen

516-463-6782.


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AWARDSFinancial need is determined by uniform national standards

and methodology. Financial aid awards from Hofstra University

are based on packaging policies established by the University

and are the basis for institutional scholarship and grant aid. All

financial aid is awarded on an annual basis unless otherwiseindicated. Students in attendance for less than an entire

academic year, or on a part-time basis, will have their awards

adjusted appropriately.

AWARD RENEWALYou must reapply each year if you wish to be considered for

need-based financial assistance. Renewal of need-based aid is

not automatic and requires that you file the FAFSA each year

after January 1, but no later than February 15.

Students who receive academic or merit scholarships, which are

not need-based, will automatically have their award considered

for renewal, based on the award renewal guidelines stated in theHofstra University UndergraduateBulletin (bulletin.hofstra.edu)

and on their admission scholarship letters.

VERIFICATIONThe federal processor uses a system of edits, or flags, which

produces a selection of certain applications for verif ication. If a

students application is selected for verification, this may mean

that a data element in his or her application does not fit generally

recognized patterns (not necessarily that the element is incorrect;

it merely must be verified), or that the student was simply

selected at random. The Universitys Office of Financial Aid may

also select files for verification if there appears to be a conflict ofinformation. If a students application is selected for verification,

the student is notified on the Student Aid Report (SAR).

If a students application is selected for verification, thefollowing required documentation must be submitted tothe Office of Student Financial Services:

2012-2013 Verification Worksheet (dependent orindependent)

Copy of parents 2011 federal income tax transcript andall schedules (if dependent).

Copy of students (and spouses, if applicable)

2011 federal income tax transcript and all schedules(W-2 forms alone cannot be used for verification).

To request a copy of your federal tax transcript, call1-800-908-9946 or visit irs.gov.

Other documents as needed.

Hofstra need-based aid will not be finalized, federal financial aid

cannot be disbursed, and Stafford Loans may not be certified

until verification is complete. Estimated financial aid awards will

be rescinded if verification has not been completed within

specified deadlines. In this case, any deferred tuition and fees

become due immediately. Please keep in mind that you will be

notified of any adjustments that are necessary and correction

will be made for information that is not accurate, which ma

affect your ability to receive aid. If we make corrections, you wi

be sent an updated SAR from the federal processor. Notificatio

of revised awards will be mailed to new students; continuin

students will receive an email via their Hofstra Pride accoun

and can immediately access their awards online through th

Hofstra portal.

Verification must be completed no later than 90 days pa

the last day of your enrollment for each academic yea

Corrections involving the federal processor must be made prio

to mid-August.

FEDERAL GUIDELINES FORSATISFACTORY ACADEMIC PROGRESSStudents must maintain satisfactory academic progress to receiv

funds under the Federal Work-Study, Federal Perkins Loan

Federal Supplemental Educational Opportunity Grant (FSEOGPell Grant, TEACH Grant, Federal Stafford Loan and PLUS Loa

programs. Students not meeting these guidelines will not hav

their award(s) renewed. The appeals process is handled by th

Federal Financial Aid Appeals Committee. These are th

guidelines for satisfactory academic progress for undergradua

students:

Students who have attempted less than 60 semester hours mu

maintain a 1.7 cumulative grade point average.

Students who have attempted 60 or more semester hours mu

maintain a 2.0 cumulative grade point average.

All students must complete 75% of the cumulative credit hour

attempted. Please note: Attempted hours include W and UW

grades; developmental courses are excluded.

Only successfully completed credits are considered under th

standard. Credits attempted in courses that were droppe

earned a failing grade, were assigned an incomplete, or wer

otherwise not satisfactorily completed do not count toward th

required number of successfully completed credits.

Academic records are reviewed at the end of each sprin

semester to determine academic progress and future student ai

eligibility. Students who have met the minimum cred

requirements each semester(earning at least 24 per academyear), who are in good standing with their department, and wh

have not exceeded the maximum time frame for program

completion, are considered to be making satisfactory academ

progress and are eligible for student aid in subsequent semester

A maximum time frame is required for completion of

degree or certificate program and will be 150 percent of th

typical completion time measured in credits. For example, a

undergraduate program requiring 124 credits may extend t

186 credits.

FINANCIAL AID PROCEDURESFinancial Aid Procedures


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NEW YORK STATE GRANTS

NEW YORK STATE TUITION ASSISTANCE PROGRAM (TAP):These are grants awarded by the state of New York to state residentswho are in full-time attendance at colleges and universities locatedin the state of New York. The application process begins eachyear with the Free Application for Federal Student Aid (FAFSA).The next step is to complete a TAP Express Application online atwww.HESC.org. Hofstras TAP code is 0300.

Students must maintain satisfactory academic progress and programpursuit in order to renew a TAP award. These requirements aredetailed on the Web site listed above. Hofstra uses the followingchart to determine satisfactory academic progress.

UNDERGRADUATE

*HEOP students only

Note: Noncredit remedial instruction may be counted toward a full-time academicload. The number of credits in this chart refers to work (credit-bearing) completedtoward the degree.Program pursuit requires that the student receive a passing or failinggrade in a certain percentage of the full-time minimum course load of

12 credits. During the first year of study, a student must secure apassing or failing grade in a minimum of 6 credits per semester (50percent of the minimum course load); during the second year of study,a student must secure a passing or failing grade in a minimum of 9credits per semester (75 percent of the minimum course load); andafter the second year, a student must secure a passing or failing gradein a minimum of 12 credits per semester (100 percent of the minimumcourse load).

A one-time waiver is available for students who fail to meet thesestandards due to unforeseen circumstances. Examples of unforeseencircumstances are severe medical problems or change of major fieldof study. Further information about the waiver is available from theFinancial Aid Office.

Before BeingCertified forThis Payment

A StudentMust HaveAccrued

at Least This

Many Credits

With AtLeast This

Grade PointAverage

1st 0 0

2nd 6 1.5

3rd 15 1.8

4th 27 1.8

5th 39 2.0

6th 51 2.0

7th 66 2.0

8th 81 2.0

9th* 96 2.0

10th* 111 2.0

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Direct costs (billed by the University directly to students):

Tuition and Fees $35,800 (estimated)Student Activity Fee $150 (estimated)On-Campus Room and Board $14,010 (estimated)

Hofstra University is pleased to offer students a four-year locked-in rate for tuition and fees. The estimated annualfixed rate for tuition and fees (not including the student activity fee) for first-year students will be $38,500.Please visit hofstra.edu/lockedintuitionratefor more information.

The tuition and fees noted above will be greater for students who enroll in the School for University Studiesor Program for Academic Learning Skills (PALS). The room and board cost reflects the average roomcharge and minimum first-year student dining plan. Individual student costs may vary, depending uponthe housing option and dining plan selected.

Average expenses that the Office of Financial Aid uses to determine award packages also includeallowances for books and supplies ($1,000), and personal/miscellaneous expenses such astransportation, clothing, entertainment, and recreation ($3,083). These costs are not billed by

the University to students, but are out-of-pocket expenses that students may incur. For calculatingfinancial aid, Hofstra University uses an estimated total annual cost of attendance of $54,043.

Estimated Annual Expenses2012-2013

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Full-Time First-Year and Transfer Undergraduate Students


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The Federal PLUS Loan allows parents o dependent students to borrow money to assist with education costs. You can request anamount equal to the entire cost o attendance at Hostra minus other inancial aid, including scholarships. Estimated cost o

attendance or a student living on campus or 2012-2013 is approximately $54,043 (this includes tuition, ees, room, board,

books, transportation and personal expenses). While there are many ways parents may choose to inance the cost o attendance,

we recommend the PLUS Loan as an attractive option or many reasons.

Competitive ixed interest rate 7.9 percent.

Repayment begins 60 days ater the second disbursement, but can be deerred

up to our years. (Call the Direct Loan Origination Center at 1-800-848-0979.)

The payment term is 10 years or more with lexible repayment options.

No prepayment penalties.

Income tax deduction may apply; please consult your tax adviser.

1.5 percent rebate at disbursement.

HOW TO APPLY

Federal PLUS Loan Request2012-2013

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1. File the 2012-2013 FAFSA (i not already fled) at fafsa.govwith Hostras school code (002732).

For assistance, call 1-800-433-3243.

2. Beginning May 1, 2012, log on to studentloans.gov.

3. Under Manage My Direct Loan, click on Sign In using the parent ederal PIN number.For PIN inormation/assistance, visit pin.ed.gov or call 1-800-433-3243.

4. Complete the Parent PLUS Loan application (complete or every PLUS Loan borrowed).

For step-by-step assistance, call the Direct Loan Servicing Center at 1-800-557-7394.

5. Complete the Master Promissory Note or the Parent PLUS Loan (one-time requirement).

For step-by-step assistance, call the Direct Loan Servicing Center at 1-800-557-7394.

6. For deerment inormation, call the Direct Loan Origination Center at 1-800-848-0979.

7. Complete the Title IV Authorization or Parents orm included in the Financial Aid Award package or

available at hofstra.edu/sfsforms (one-time requirement).


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Instructions:1. Print the students information in the box below.

2. Check one, two or all three authorization options below.

3. Sign and date where indicated.

4. Return form to:

VIA MAIL: VIA FAX: VIA EMAIL:

Student Financial Services and Registrar Suite 516-463-4936 [email protected]

206 Memorial Hall

126 Hofstra UniversityHempstead, NY 11549-1260

FOR PARENTS OF UNDERGRADUATE STUDENTS

I, , authorize Hofstra University to make use of any

excess Title IV fund credit balances due to the Parent PLUS Loan for the above-mentioned student in order to:

Hold to pay institutional charges for a future term within the academic year.

Pay outstanding prior year non-institutional charges (per federal regulations, cannot exceed $200).

Pay current year non-institutional charges, such as parking tickets, lab fees, Dutch Debits, late fees, etc.

I understand that this authorization will remain valid through subsequent award years. I further understandthat I can modify or rescind this authorization (please see the Title IV Rescindment Form online at

hofstra.edu/titleIVrescind). Any modification or rescindment will become effective as of the date the formis received by the University.

Parent signature (PLUS Loan borrower) Date

Please see reverse side for answers to frequently asked questions.

(Please print.) Parent First Name Parent Last Name

Student Last Name Student First Name Middle Initial Hofstra ID#(Please print.)

Title IVAuthorization Form for Parents

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To what types of financial aid does this Title IV Authorization pertain?Parent PLUS Loans only.

Does the form need to be signed each semester?No. The Authorization Form remains in effect while your son/daughter is a Hofstra University student

(including breaks in enrollment). It may be rescinded at any time (please see the Title IV Rescindment

Form online at hofstra.edu/titleIVrescind).

What is the purpose of the Authorization Form?

Hofstra University, in compliance with federal regulations, must obtain voluntary permission fromthe parent PLUS Loan borrower to apply federal financial aid proceeds to charges related to a prior or

future term, or charges other than tuition, fees, room and board on your students account.

Will signing the Authorization Form help?Yes. By signing the form, any excess Parent PLUS Loan fund balances will be applied to prior, future

or certain miscellaneous charges on your students account. This will also help prevent an account

hold for unpaid charges, which would block your student from registering for future semesters,

obtaining grades and receiving transcripts.

Must the Authorization Form be signed in order to have Title IV funds appliedto library fines and other fees?

Yes. The Authorization Form must be signed in order to authorize the University to apply Title IV

funds toward parking tickets, fines for overdue library books, replacement ID cards, and other

miscellaneous charges.

If I do not sign the form, will my son/daughters financial aid be delayed?No. However, payment must be made to cover any unpaid charges, and that payment

must be made by the applicable deadline date.

I signed the form, but still received a refund check from Hofstra. Why?Federal regulations require that Hofstra University return funds in excess of all the items you

authorized us to pay at the end of the loan period for that award year.

I still have questions whom can I talk to? Contact the Office of Student Financial Services at 516-463-8000 [email protected]

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Title IV Authorization FormFrequently Asked Questions:


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Did You Know?Hofstra has 115 buildings on 240 acre

The Hofstra libraries contain 1.2 milli

print volumes and provide 24/7 electr

access to more than 49,000 full-text

journals and 47,000 books. Hofstra ho

more than 500 cultural events each ye

Important Phone Numbers(Area Code 516)

Academic Advisement 463-677

Admission 463-670

Bookstore 463-665

Career Center 463-606

Commuting Student Affairs 463-346

Dean of Students 463-691

Fitness Center 463-695

Health and Wellness Center 463-674

HofstraCard Services 463-694

Multicultural & International

Student Programs 463-679

Orientation 463-632

Public Safety 463-660

Residential Programs 463-693

Student Employment 463-678

Student Financial Services 463-800

Student Leadership and

Activities 463-691

University Switchboard 463-660

Hofstra ata Glance


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If you have any questions, please contact:Office of Student Financial Services206 Memorial Hall126 Hofstra UniversityHempstead, NY 11549-1260

Phone: 516-463-8000Fax: 516-463-4936Email: [email protected]

Our office hours are:Monday-Friday, 9 a.m.-5 p.m. (4 p.m. on Fridays during the summer)For evening hours, see the schedule at hofstra.edu/sfscalendar.

Step-by-step financial aid procedures are available athofstra.edu/sfshowto.

Financial Aid Checklist for FAFSA Filers Apply for financial aid by completing and filing the FAFSA at fafsa.gov.

Be sure to list Hofstra University school code 002732.

Visit fafsa.gov two weeks after you file the FAFSA to review for accuracy.Pay special attention to messages related to rejected/incomplete information, and make any

necessary corrections.

Accept or decline your awards and mail the form to the Office of Financial Aid, as instructedin your award letter, in the green envelope that has been provided. Keep your copy and any revisions

or photocopies for your records. Reminder: Double-check paperwork for signatures and completenessbefore submitting to the Office of Financial Aid. Write your Hofstra ID number on all pages.

Get your loans done on time!Students beginning classes in fall 2012 should apply for loansby June 1, 2012; students beginning classes in spring 2013 should apply by December 1, 2012,to allow adequate processing time for bill payment and to avoid late fees. If you are attending in

the fall and spring and applying for loans, apply for the amount you need for the full academic

year, not just one semester.

Stay informed by becoming familiar with the My.Hofstra.eduportal. Check your financial aidaward status and paperwork requirements online often. Read your Hofstra Pride email since

important financial aid information will continuously be sent to you via email.

Contact Hofstras Office of Student Financial Servicesimmediately if you change your housingplans, you reduce the number of credits you are taking, or you are enrolled full time (at least 12 credits)

but plan to begin part-time (fewer than 12 credits) study. A change in enrollment status or billing may

affect the financial aid you receive. You must also consult with the office if you change your major.

Be sure to notify Hofstra if you move. You may change your mailing address and/or phone numberonline at My.Hofstra.edu.

Documents

Financial Aid Policies Procedures